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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Greenfirst Forest Products Inc | TSXV:GFP | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.13 | 2.10 | 2.15 | 0 | 01:00:00 |
TORONTO, Nov. 24, 2021 /CNW/ - GreenFirst Forest Products Inc. (TSXV: GFP) ("GreenFirst" or the "Company") filed its unaudited interim financial statements for the quarter and the nine month period ended September 25, 2021 and the related management discussion and analysis, both of which are available under GreenFirst's profile on SEDAR at www.sedar.com. All amounts are in thousands of Canadian dollars unless indicated otherwise.
Third Quarter Highlights
"After closing our purchase transaction on August 28th, we immediately turned our attention to improving operational efficiency and yields. We have been very pleased with the efforts of our team," said Rick Doman, CEO of GreenFirst. "We look forward to continuing our efforts in improving operations and reducing manufacturing costs. Our goal is to build a global forest company with a focus on sustainable forestry operations."
Q3 2021 Financial Highlights
Select Financial Information
Three months ended | Nine months ended | |||
September 25, | September 30, | September 25, | September 30, | |
2021 | 2020 | 2021 | 2020 | |
$ | $ | $ | $ | |
Net sales | $28,928 | $- | $28,928 | $- |
Expenses | ||||
Manufacturing and production | (31,082) | - | (31,082) | |
Selling, general and administrative | (1,772) | (776) | (3,476) | (1,168) |
Duties | (1,790) | - | (1,790) | |
Other operating expenses, net | (694) | (28) | (715) | 20 |
Operating loss 1 | (6,410) | (804) | (8,135) | (1,148) |
Transaction costs | (5,606) | - | (7,668) | - |
Interest expenses | (1,480) | - | (1,658) | - |
Other income (expense) | 10 | 450 | (111) | 426 |
Net loss for the period | (13,486) | (354) | (17,572) | (722) |
Other comprehensive (loss) income | (784) | (287) | (899) | 305 |
Total comprehensive loss for the period | ($14,270) | ($641) | ($18,471) | ($417) |
Basic and diluted loss per share | ($0.16) | ($0.02) | ($0.41) | ($0.03) |
Adjusted EBITDA1 | ||||
Net loss for the period | ($13,486) | |||
Add back | ||||
Interest expenses | 1,480 | |||
Depreciation and amortization | 1,666 | |||
EBITDA1 | (10,340) | |||
Transaction costs | 5,606 | |||
Adjusted EBITDA1 | ($4,736) |
1 These Non-GAAP Measures do not have any standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other issuers. (See section on Non-GAAP Measures) |
"The Rayonier asset acquisition positions GreenFirst as one of the leading Canadian lumber producers in Eastern Canada. Rarely, do you get an opportunity to build a world class organization with its foundation based upon the ESG principles", said Paul Rivett, Chairman of GreenFirst. "We intend to invest capital in the operations of GreenFirst as we build sustainably for scale and look for accretive acquisition partnerships and opportunities in the future."
GreenFirst will provide a presentation on its Q3 2021 results at its Annual and Special Meeting for shareholders to be held December 2, 2021 (the "Meeting").
GreenFirst wishes to advise shareholders that it is amending the proposed by-law that will be adopted if shareholders approve the proposed continuance of the Company into Ontario at the Meeting. The last sentence of Section 3.05(b) will be deleted in its entirety to remove the prohibition in the Advance Notice provisions of a new notice period in the event of a postponed or adjourned meeting.
About GreenFirst
GreenFirst is a forest-first business, focused on sustainable forest management and lumber production. We believe that responsible forest practices, coupled with the long-term green advantage of lumber, provide GreenFirst with significant cyclical and secular advantages in building products. GreenFirst has seven Sawmills in Ontario and Quebec and one Paper Mill in Ontario. GreenFirst's long-term vision is to be an environmental leader in the global forestry industry.
For more information, please visit: www.greenfirst.ca.
Forward Looking Information
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact are forward-looking statements. Forward looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend", "estimate" or the negative of these terms and similar expressions. Forward-looking statements are based on certain assumptions and, while GreenFirst considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. In addition, forward-looking statements necessarily involve known and unknown risks, including those set out in GreenFirst's public disclosure record filed under its profile on www.sedar.com. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. GreenFirst disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE GreenFirst Forest Products Inc.
Copyright 2021 Canada NewsWire
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